From Local Debt to Global Capital: The Growing Role of GDNs in Expanding Investor Access

BNY examines how Global Depositary Notes are helping connect locally issued debt with international investors by reducing cross-border custody and settlement barriers.

• Global borrowing reached a record $27 trillion in 2025 and is forecast to rise further, increasing demand for broader international investor access.
• GDNs allow investors to access local bonds through established international clearing systems without opening local custody accounts.
• Adoption is accelerating in Latin America, where structures in markets including Costa Rica and Paraguay have broadened offshore participation.

Explore the full report to see how GDNs are reshaping access to emerging-market debt.